the Award Clause Example from Business Contracts

the Award. 3.1 Grant of Units. On the Date of Grant (as set forth in the Grant Notice), the Participant shall acquire, subject to the provisions of this Award Agreement, the Total Number of Units set forth in the Grant Notice, subject to adjustment as provided in Section 9. Each Unit represents a right to receive one (1) share of Stock (each a "Share") on a date determined in accordance with the Grant Notice and this Award Agreement. 3.2 No Monetary Payment Required. The Participant is not required to make... any monetary payment (other than applicable tax withholding, if any) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which shall be past services actually rendered or future services to be rendered to the Participating Company Group or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash or past services rendered to the Participating Company Group or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units. 3.3 Termination of the Award. The Award shall terminate upon the first to occur of (a) the date of termination of the Participant's Service for Cause prior to the Vesting Date (as set forth in the Grant Notice), (b) the Expiration Date if the Liquidity Event Date has not yet occurred on or before the Expiration Date, (c) a Change in Control to the extent provided in Section 7, or (d) the final settlement of all Vested Units in accordance with Section 5. View More